nq093014gres.htm

Deutsche Global Real Estate Securities Fund

(formerly DWS RREEF Global Real Estate Securities Fund)

			Shares			Value ($)
	Common Stocks 99.1%
Australia 6.0%
BGP Holdings PLC*		11,394,023				334,197
Federation Centres		535,580				1,210,465
Goodman Group		1,241,636				5,598,130
GPT Group		1,336,877				4,520,043
Investa Office Fund		1,788,983				5,234,507
Mirvac Group		4,325,402				6,517,194
Scentre Group*		5,099,465				14,603,046
Stockland		2,728,815				9,421,315
Westfield Corp.		894,880				5,820,303

(Cost $52,382,270)						53,259,200
Canada 3.4%
Allied Properties Real Estate Investment Trust (a)		3,036				92,586
Allied Properties Real Estate Investment Trust (a) (b)		135,910				4,147,867
Boardwalk Real Estate Investment Trust (b)		73,176				4,501,832
Chartwell Retirement Residences (Units) (a)		604,165				5,912,450
Chartwell Retirement Residences (Units) (a)		6,529				63,845
First Capital Realty, Inc.		240,069				3,753,389
H&R Real Estate Investment Trust (Units) (a)		222,673				4,346,294
H&R Real Estate Investment Trust (Units) (a)		32,152				624,688
RioCan Real Estate Investment Trust (b)		296,066				6,786,030

(Cost $32,608,370)						30,228,981
Channel Islands 0.5%
Camper & Nicholsons Marina Investments Ltd.*		1,550,000				257,560
LXB Retail Properties PLC*		1,774,347				3,902,939

(Cost $4,956,975)						4,160,499
Finland 0.5%
Citycon Oyj (b) (Cost $5,162,886)		1,371,800				4,573,810
France 2.9%
ICADE		26,200				2,208,677
Klepierre		190,100				8,315,589
Societe Fonciere Lyonnaise SA		28,000				1,352,344
Unibail-Rodamco SE		51,220				13,178,055

(Cost $22,538,805)						25,054,665
Germany 1.7%
Alstria Office REIT-AG*		209,300				2,563,832
Deutsche Annington Immobilien SE		170,000				4,915,927
Deutsche Wohnen AG (Bearer)		145,201				3,102,883
DIC Asset AG		100,000				842,815
LEG Immobilien AG*		55,000				3,810,020

(Cost $14,157,069)						15,235,477
Hong Kong 7.5%
China Overseas Land & Investment Ltd.		284,000				726,816
Hang Lung Properties Ltd.		1,601,000				4,538,354
Henderson Land Development Co., Ltd.		299,600				1,941,287
Hongkong Land Holdings Ltd.		1,418,000				9,624,031
Hysan Development Co., Ltd.		354,000				1,637,675
Kerry Properties Ltd.		959,000				3,213,032
Link REIT		1,799,000				10,380,831
New World Development Co., Ltd.		7,543,732				8,793,960
Sino Land Co., Ltd.		768,000				1,194,797
Sun Hung Kai Properties Ltd.		1,045,000				14,785,611
Wharf Holdings Ltd.		1,273,000				9,062,947

(Cost $57,890,796)						65,899,341
Ireland 0.3%
Hibernia REIT PLC* (b) (Cost $2,648,501)		1,900,000				2,803,777
Italy 0.0%
Beni Stabili SpA (Cost $324,027)		458,694				321,457
Japan 13.3%
Global One Real Estate Investment Corp.		825				2,328,390
Invesco Office J-Reit, Inc.*		398				372,933
Japan Real Estate Investment Corp.		1,125				5,786,912
Japan Retail Fund Investment Corp.		2,968				5,975,305
Mitsubishi Estate Co., Ltd.		1,282,000				28,881,303
Mitsui Fudosan Co., Ltd.		706,000				21,649,867
Mori Hills REIT Investment Corp.		2,089				2,903,618
Nippon Accommodations Fund, Inc.		1,140				4,117,672
Nippon Building Fund, Inc.		1,570				8,268,746
Nomura Real Estate Master Fund, Inc.		2,009				2,520,940
Nomura Real Estate Office Fund, Inc.		1,456				6,663,658
NTT Urban Development Corp.		431,500				4,544,496
Premier Investment Corp.		1,421				6,348,724
Sumitomo Realty & Development Co., Ltd.		145,000				5,165,506
Tokyo Tatemono Co., Ltd.		987,000				7,992,499
Tokyu Fudosan Holdings Corp.		516,500				3,544,388

(Cost $101,815,546)						117,064,957
Luxembourg 0.6%
Gagfah SA* (Cost $4,822,216)		284,244				5,279,053
Netherlands 0.5%
Wereldhave NV (Cost $4,816,311)		54,750				4,508,260
Norway 0.3%
Norwegian Property ASA* (Cost $2,776,221)		1,955,557				2,922,745
Singapore 3.6%
Ascendas Real Estate Investment Trust		1,748,000				3,083,537
CapitaCommercial Trust		1,062,000				1,327,976
CapitaLand Ltd.		3,374,500				8,454,875
Global Logistic Properties Ltd.		3,628,000				7,698,714
Keppel Land Ltd.		914,000				2,504,920
Keppel REIT		2,180,000				2,033,391
Mapletree Industrial Trust		2,488,000				2,767,170
Suntec Real Estate Investment Trust		2,968,000				4,095,410

(Cost $30,036,958)						31,965,993
Spain 0.4%
Lar Espana Real Estate Socimi SA* (Cost $4,125,813)		299,827				3,526,551
Sweden 0.7%
Fabege AB		312,000				3,962,597
Hufvudstaden AB "A"		191,500				2,378,421

(Cost $5,943,422)						6,341,018
Switzerland 0.7%
PSP Swiss Property AG (Registered)* (Cost $6,140,231)		69,500				5,828,161
United Kingdom 5.9%
British Land Co. PLC		1,136,000				12,897,397
Capital & Counties Properties PLC		349,800				1,858,465
Great Portland Estates PLC		715,000				7,403,796
Hammerson PLC		1,005,801				9,350,232
Land Securities Group PLC		426,700				7,161,275
NewRiver Retail Ltd.		460,000				2,206,413
Quintain Estates & Development PLC*		1,875,000				2,702,960
Safestore Holdings PLC		548,800				1,903,306
St. Modwen Properties PLC		463,500				2,755,826
UNITE Group PLC		530,000				3,645,269

(Cost $41,040,135)						51,884,939
United States 50.3%
Alexandria Real Estate Equities, Inc. (REIT)		122,551				9,038,136
American Campus Communities, Inc. (REIT)		34,499				1,257,489
American Residential Properties, Inc. (REIT)* (b)		123,349				2,262,221
Apartment Investment & Management Co. "A" (REIT)		219,973				6,999,541
AvalonBay Communities, Inc. (REIT) (b)		169,174				23,848,459
Boston Properties, Inc. (REIT)		133,979				15,509,409
Brandywine Realty Trust (REIT)		350,232				4,927,764
Camden Property Trust (REIT)		90,867				6,227,116
Chesapeake Lodging Trust (REIT)		203,162				5,922,172
CubeSmart (REIT)		409,441				7,361,749
DDR Corp. (REIT)		545,739				9,130,213
DiamondRock Hospitality Co. (REIT)		423,096				5,364,857
Digital Realty Trust, Inc. (REIT) (b)		107,458				6,703,230
Douglas Emmett, Inc. (REIT)		421,901				10,830,199
Duke Realty Corp. (REIT) (b)		649,064				11,150,920
Equity Residential (REIT)		226,966				13,976,566
Essex Property Trust, Inc. (REIT)		88,520				15,822,950
Extra Space Storage, Inc. (REIT)		166,080				8,564,746
Federal Realty Investment Trust (REIT) (b)		98,326				11,647,698
General Growth Properties, Inc. (REIT)		743,823				17,517,032
Glimcher Realty Trust (REIT)		98,827				1,338,118
HCP, Inc. (REIT)		536,350				21,298,458
Health Care REIT, Inc. (REIT)		166,431				10,380,301
Healthcare Realty Trust, Inc. (REIT)		250,481				5,931,390
Home Properties, Inc. (REIT) (b)		13,014				757,935
Host Hotels & Resorts, Inc. (REIT)		323,576				6,901,876
Hudson Pacific Properties, Inc. (REIT)		171,696				4,234,023
Lexington Realty Trust (REIT) (b)		660,566				6,466,941
Liberty Property Trust (REIT) (b)		191,995				6,385,754
Mack-Cali Realty Corp. (REIT)		74,040				1,414,904
National Retail Properties, Inc. (REIT) (b)		314,182				10,861,272
Parkway Properties, Inc. (REIT)		100,436				1,886,188
Pebblebrook Hotel Trust (REIT)		123,971				4,629,077
Pennsylvania Real Estate Investment Trust (REIT)		139,211				2,775,867
Post Properties, Inc. (REIT)		135,006				6,931,208
Prologis, Inc. (REIT)		318,369				12,002,511
Public Storage (REIT)		64,805				10,747,261
Realty Income Corp. (REIT) (b)		109,349				4,460,346
Regency Centers Corp. (REIT) (b)		185,284				9,973,838
Retail Properties of America, Inc. "A" (REIT)		261,379				3,823,975
RLJ Lodging Trust (REIT)		189,548				5,396,432
Senior Housing Properties Trust (REIT)		203,446				4,256,090
Simon Property Group, Inc. (REIT)		319,024				52,453,926
SL Green Realty Corp. (REIT)		109,814				11,126,354
Spirit Realty Capital, Inc. (REIT)		859,694				9,430,843
Strategic Hotels & Resorts, Inc. (REIT)*		442,078				5,150,209
Ventas, Inc. (REIT)		280,029				17,347,797
Vornado Realty Trust (REIT)		109,259				10,921,530

(Cost $402,162,132)						443,346,891

Total Common Stocks (Cost $796,348,684)				874,205,775
	Warrants 0.0%
Hong Kong
Sun Hung Kai Properties Ltd., Expiration Date 4/22/2016* (Cost $0)		96,750				161,731
	Securities Lending Collateral 6.5%
Daily Assets Fund Institutional, 0.08% (c) (d) (Cost $57,543,653)		57,543,653				57,543,653
	Cash Equivalents 0.4%
Central Cash Management Fund, 0.05% (c) (Cost $3,310,136)		3,310,136				3,310,136

			% of Net Assets			Value ($)

Total Investment Portfolio (Cost $857,202,473) †		106.0			935,221,295
Other Assets and Liabilities, Net		(6.0)			(53,327,913)

Net Assets		100.0			881,893,382

Portfolio holdings in real estate entities outside the United States are generally organized as either corporations, trusts or partnerships subject to the tax laws of their country of domicile.
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
*	Non-income producing security.
†	The cost for federal income tax purposes was $892,853,257. At September 30, 2014, net unrealized appreciation for all securities based on tax cost was $42,368,038. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $91,336,677 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $48,968,639.
(a)	Securities with the same description are the same corporate entity but trade on different stock exchanges.
(b)	All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at September 30, 2014 amounted to $55,722,321, which is 6.3% of net assets.
(c)	Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust

At September 30, 2014 the Deutsche Global Real Estate Securities Fund had the following sector diversification:

Sector Diversification	Market Value ($)		As a % of Common Stocks & Warrants
Diversified		293,340,595		33.5	%
Office		148,093,922		16.9	%
Apartments		103,611,607		11.8	%
Shopping Centers		83,854,928		9.6	%
Regional Malls		74,084,943		8.5	%
Health Care		65,190,331		7.5	%
Hotels		33,364,623		3.8	%
Storage		28,577,062		3.3	%
Specialty Services		24,752,461		2.8	%
Industrial		17,290,621		2.0	%
Retail		2,206,413		0.3	%
Total		874,367,506		100.0	%

Sector diversification is subject to change.

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund's investments.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	52,925,003	$	334,197	$	53,259,200
Canada		30,228,981		—		—		30,228,981
Channel Islands		—		4,160,499		—		4,160,499
Finland		—		4,573,810		—		4,573,810
France		—		25,054,665		—		25,054,665
Germany		—		15,235,477		—		15,235,477
Hong Kong		—		65,899,341		—		65,899,341
Ireland		—		2,803,777		—		2,803,777
Italy		—		321,457		—		321,457
Japan		—		117,064,957		—		117,064,957
Luxembourg		—		5,279,053		—		5,279,053
Netherlands		—		4,508,260		—		4,508,260
Norway		—		2,922,745		—		2,922,745
Singapore		—		31,965,993		—		31,965,993
Spain		—		3,526,551		—		3,526,551
Sweden		—		6,341,018		—		6,341,018
Switzerland		—		5,828,161		—		5,828,161
United Kingdom		—		51,884,939		—		51,884,939
United States		443,346,891		—		—		443,346,891
Warrants (e)		—		161,731		—		161,731
Short-Term Investments (e)		60,853,789		—		—		60,853,789

Total	$	534,429,661	$	400,457,437	$	334,197	$	935,221,295

There have been no transfers between fair value measurement levels during the period ended September 30, 2014.

(e)

See Investment Portfolio for additional detailed categorizations.

ITEM 2.	CONTROLS AND PROCEDURES

	(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.	EXHIBITS

	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

Registrant:	Deutsche Global Real Estate Securities Fund, a series of Deutsche Securities Trust

By:	/s/Brian E. Binder Brian E. Binder President

Date:	November 21, 2014

By:	/s/Brian E. Binder Brian E. Binder President

Date:	November 21, 2014



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	November 21, 2014